Wingham's Crazy Clark's to close

Crazy Clark’s Wingham is to close July 20 after the holding company, DSG Holdings Australia, owned by Kathmandu founder Jan Cameron, was placed into receivership on Monday, June 30.

According to Fairfax Media's Merimbula News Weekly on Friday July 11, a list was sent to the News Weekly of 29 (27 Crazy Clark’s and two Sam’s Warehouse) stores that will close July 20. More than 300 employees will be affected and the list included the Wingham store.

A previous list of stores to be closed included Sam’s Warehouse, Taree.

The store is one of about 40 Crazy Clark’s and Sam’s Warehouse stores that will close in an effort to restructure the business and sell it off.

A spokesman for the receivers, KordaMentha Restructuring, told Fairfax Media “There are 143 stores around the country and about 100 of them are trading profitably. We’re analysing all of them.”

The spokesman said: “We have advertised for expressions of interest and we hope to sell as many (stores) as possible. We’re aiming to pay off staff by the end of September, depending on sales. Our job is to raise as much money as possible.”

He added: “All stores will have massive sales over the next nine days to clear stock. Local communities are urged to go out and get a bargain and help us raise money to pay the staff entitlements.”

The spokesman said that there had been between 40 and 50 expressions of interest in anything from one store, a handful of stores to many stores.

“No one wants to buy the business lock, stock and barrel, though,” he said.

The receivers plan to close about 40 of the remaining 143 Sam’s Warehouse and Crazy Clarks stores, all of which are leased, and are looking for trade buyers for the balance. Expressions of interest for the stores close July 17.